This refers to Debashis Basu's column "A chowkidar for state banks" (Irrational Choice, October 20). I would go by Prime Minister Narendra Modi's promise and wait for some time to see whether the chowkidar takes steps to protect the nation's resources.
The Indian public sector, as it was envisaged by the policymakers of the Nehruvian era, has faced a continuous assault from the so-called private sector, which found allies in the bureaucracy and certain rich individuals who could make it to powerful political positions. These allies, in turn, manipulated policy-making and legislation to serve the interests of their masters.
On the issue of the criticism of public sector banks, the question remains as to what prevents the private sector from catering to the needs of the huge clientele now served by public sector banks. The private sector's business interests do not allow them to service the millions of accounts maintained by public sector banks since their primary interest is "more profit, less work". They look at the creamy layer of depositors and borrowers. Let us not put the entire blame on public sector banks, just because their human resources management is bad and they don't have a proper system to market their achievements.
The Indian public sector, as it was envisaged by the policymakers of the Nehruvian era, has faced a continuous assault from the so-called private sector, which found allies in the bureaucracy and certain rich individuals who could make it to powerful political positions. These allies, in turn, manipulated policy-making and legislation to serve the interests of their masters.
On the issue of the criticism of public sector banks, the question remains as to what prevents the private sector from catering to the needs of the huge clientele now served by public sector banks. The private sector's business interests do not allow them to service the millions of accounts maintained by public sector banks since their primary interest is "more profit, less work". They look at the creamy layer of depositors and borrowers. Let us not put the entire blame on public sector banks, just because their human resources management is bad and they don't have a proper system to market their achievements.
M G Warrier, Mumbai
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